FHA Reduction In Closing Cost Assistance Is Just Around The Corner

We will be seeing the amount that a seller to contribute towards a buyers closing costs reduced from 6% of the purchase price to 3%.  This shouldn’t have a dramatic affect on the business other than requiring buyers to have more of their own monies.

The reason I am writing about this is because if you can have all of your closing costs paid for that leaves more money in the bank for you to either invest or save for a rainy day.  You should have at least 6 to 12 months, preferably 12 months, of reserves for your mortgage payment left in the bank after closing.  Just another reason to buy now.

http://www.housingwire.com/2010/05/17/fha-set-to-reduce-closing-cost-assistance-this-summer/?utm_source=rss&utm_medium=rss&utm_campaign=fha-set-to-reduce-closing-cost-assistance-this-summer